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Raising a child in Canada until age 18 costs a middle-income family approximately $293,000. The breakdown includes:
- Housing: About 27-32% of expenses, covering rent/mortgage, repairs, taxes, and utilities.
- Transportation: Around 18-20%.
- Food: Approximately 17%.
- Childcare and Education: About 14%[1][3][4].
For lower-income families, the cost is around $238,190, while higher-income families spend about $403,910 per child[3][4]. These figures reflect data adjusted for inflation from 2014-2017 surveys.
Citations: [1] How expensive is raising a child in Canada? - CityNews Vancouver https://vancouver.citynews.ca/2023/10/02/canada-cost-raising-child/ [2] The Cost of Raising a Child in Canada - My Money Matters https://www.rbcroyalbank.com/en-ca/my-money-matters/life-events/family-events/parenthood/the-cost-of-raising-a-child-in-canada/ [3] Here’s how much it costs to raise children in Canada, according to new statistics - KTVZ https://ktvz.com/cnn-regional/2023/10/05/heres-how-much-it-costs-to-raise-children-in-canada-according-to-new-statistics/ [4] Thinking about having a kid? Here’s how much Canadians spend to … https://globalnews.ca/news/10001146/canada-family-spending-children-statcan/ [5] How much does it cost to have children in Canada? - CTV News https://www.ctvnews.ca/canada/here-s-how-much-it-costs-to-raise-children-in-canada-according-to-new-statistics-1.6588427 [6] The Cost Of Raising A Child | PlanEasy https://www.planeasy.ca/the-cost-of-raising-a-child/ [7] Estimating Expenditures on Children by Families in Canada, 2014 to … https://www150.statcan.gc.ca/n1/pub/11f0019m/11f0019m2023007-eng.htm [8] Question on the $250,000 amount on average to raise a child in Canada https://www.reddit.com/r/PersonalFinanceCanada/comments/xbrtdm/question_on_the_250000_amount_on_average_to_raise/
Old money has no respect for new money